FireFly Completes Canadian Bought Deal Offering Current gross proceeds of Equity Raising equal ~A$70.1M (~C$62.3M)
FireFly Metals Ltd
+61 8 9220 9030
www.fireflymetals.com.au
ACN: 110 336 733
Principal & Registered Office:
Level 2/8 Richardson Street West Perth WA 6005
ASX: FFM | TSX: FFM
Company Announcement
20 June 2025 Toronto, Canada
23 June 2025 Perth, Australia
Not for dissemination to U.S. wire services or dissemination in the United States.
FireFly Completes Canadian
Bought Deal Offering
Current gross proceeds of Equity Raising equal ~A$70.1M (~C$62.3M)
FireFly Metals Ltd (ASX: FFM, TSX: FFM) (FireFly or the Company) is pleased to announce that it has
completed the sale of 33,000,000 ordinary shares of the Company (the Offered Shares) at a price
of C$0.86 per Offered Share (the Offering Price), pursuant to the bought deal offering previously
announced on 5 and 10 June 2025 (the Canadian Offering), for gross proceeds of C$28.4 million
(~A$32 million).
The Canadian Offering was led by BMO Capital Markets, as sole underwriter and bookrunner, and
included the exercise in full of its over -allotment option to purchase its maximum entitlement to
the Offered Shares.
The Canadian Offering is part of a wider equity raising that also comprised the following aspects
(together with the Canadian Offering, the Equity Raising):
• ~A$11.2 million (~C$10.0 million) charity flow -through placement to Canadian investors
priced at approximately A$1.49 per share (Charity Flow-Through Placement); and
• ~A$54.9 million two-tranche institutional placement at the offer price of A$0 .96 per share
(Institutional Placement).
As announced on 16 June 2025, the Charity-Flow Through Placement and tranche one of the Institutional
Placement have been completed.
Gross proceeds of the completed aspects of the Equity Raising equal ~A$70.1 million (~C$62.3 million)
before costs.
The final remaining step of the Equity Raising is the issue of tranche two of the Institutional
Placement Shares (Tranche Two Placement Shares), which is expected to be completed in August
2025, following a general meeting to obtain shareholder approval.
Share Purchase Plan
In addition to the Equity Raising, the Company is offering (the SPP Offer ) certain eligible
shareholders the opportunity to subscribe for a maximum of A$30,000 worth of fully paid ordinary
shares in the Company ( SPP Shares) at an issue price of A$0.96 per SPP Share (being the same
price as the Institutional Placement), to raise up to A$5.0 million (before costs). The Company
reserves the right to take oversubscriptions in accordance with the ASX Listing Rules and the
Corporations Act 2001 (Cth) (Corporations Act).
ASX: FFM | TSX: FFM
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The updated indicative timetable for remaining aspects of the Equity Raising and SPP Offer is below:
Indicative Timetable
Key Event Date
Close of SPP Offer Monday, 7 July 2025
Issue of SPP Shares Monday, 14 July 2025
General Meeting to approve the issue of
Tranche Two Placement Shares under the
Institutional Placement
August 2025
Settlement, Allotment and Trading for Tranche
Two Placement Shares issued under the
Institutional Placement
August 2025, following the General Meeting
The above timetable is indicative only and subject to change. The Company reserves the right to
amend these dates and times without notice, subject to the Corporations Act, the ASX Listing Rules
and other applicable laws.
Equity Raising Advisers
BMO Capital Markets acted as sole underwriter and bookrunner to the Canadian Offering.
Osler, Hoskin & Harcourt LLP acted as Canadian legal advisor to the Company and Hamilton Locke
acted as Australian legal advisor to the Company.
This announcement does not constitute an offer to sell or a solicitation of an offer to buy the Offered
Shares nor shall any sale of the Offered Shares occur in any jurisdiction, including the United States,
in which such offer, solicitation or sale is unlawful. The securi ties have not been and will not be
registered under the United States Securities Act of 1933, as amended (the U.S. Securities Act) or
any securities laws of any state of the United States and may not be offered or sold within the
United States unless registered under the U.S. Securities Act and applicable securities laws of any
state of the United States unless an exemption from such registration requirements is available.
In accordance with ASX Listing Rule 15.7.1, this announcement was lodged with the ASX Market
Announcements Office outside of its hours of operation, at the same time as it was released in
Canada and lodged in Canada on SEDAR+ at www.sedarplus.ca.
This announcement has been authorised by the Board of Directors.
Steve Parsons Media
Managing Director Paul Armstrong
FireFly Metals Ltd Read Corporate
+61 8 9220 9030 +61 8 9388 1474
ASX: FFM | TSX: FFM
Page | 3
ABOUT FIREFLY METALS
FireFly Metals Ltd (ASX, TSX: FFM) is an emerging copper-gold company focused on advancing the
high-grade Green Bay Copper -Gold Project in Newfoundland, Canada, which is comprised of
multiple assets, including the Ming underground mine and Little Deer exploration project. The Green
Bay Copper -Gold Project currently hosts a Mineral Resource prepared and disclosed in
accordance with the 2012 Edition of the Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves ( JORC Code 2012) and Canadian National Instrument 43 -101
- Standards of Disclosure for Mineral Projects ( NI 43 -101) of 24.4Mt of Measured and Indicated
Resources at 1.9% for 460Kt CuEq and 34.5Mt of Inferred Resources at 2% for 690Kt CuEq. The
Company has a clear strategy to rapidly grow the copper -gold Mineral Resource to demonstrate
a globally significant copper -gold asset. FireFly has commenced a 130,000m diamond drilling
program.
FireFly holds a 70% interest in the high -grade Pickle Crow Gold Project in Ontario. The current
Inferred Resource stands at 11.9Mt at 7.2g/t for 2.8Moz gold, with exceptional discovery potential on
the 500km2 tenement holding.
The Company also holds a 90% interest in the Limestone Well Vanadium -Titanium Project in
Western Australia.
For further information regarding FireFly please visit the ASX platform (ASX:FFM) , the Company's
website www.fireflymetals.com.au or SEDAR+ at www.sedarplus.ca.
COMPLIANCE STATEMENTS
Mineral Resources Estimate – Green Bay Project
The Mineral Resource Estimate for the Green Bay Project referred to in this announcement and set
out at Appendix A was first reported in the Company’s ASX announcement dated 29 October 2024,
titled “Resource increases 42% to 1.2Mt of contained metal at 2% Copper Eq” and is also set out in
the Technical Reports for the Ming Copper Gold Mine, titled “National Instrument 43 -101 Technical
Report, FireFly Metals Ltd., Ming Copper -Gold Project, Newfoundland” with an effective date of
November 29, 2024 and the Little Deer Copper Project, titled “Technical Report and Updated Mineral
Resource Estimate of the Little Deer Complex Copper Deposits, Newfoundland, Canada” with an
effective date of June 26, 2024, each of which is available on SEDAR+ at www.sedarplus.ca.
The Company confirms that it is not aware of any new information or data that materially affects
the information included in the original announcement and that all material assumptions and
technical parameters underpinning the Mineral Resource Estimate in the original announcement
continue to apply and have not materially changed.
Mineral Resources Estimate – Pickle Crow Project
The Mineral Resource Estimate for the Pickle Crow Project referred to in this announcement was
first reported in the Company’s ASX announcement dated 4 May 2023, titled “High -Grade Inferred
Gold Resource Grows to 2.8Moz at 7.2g/t” and is also set out in th e Technical Report for the Pickle
Crow Project, titled “NI 43-101 Technical Report Mineral Resource Estimate Pickle Crow Gold Project,
Ontario, Canada” with an effective date of November 29, 2024, as amended on June 11, 2025 ,
available on SEDAR+ at www.sedarplus.ca.
ASX: FFM | TSX: FFM
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The Company confirms that it is not aware of any new information or data that materially affects
the information included in the original announcement and that all material assumptions and
technical parameters underpinning the Mineral Resource Estimate in the original announcement
continue to apply and have not materially changed.
Metal equivalents for Mineral Resource Estimates
Metal equivalents for Mineral Resource Estimates have been calculated at a copper price of
US$8,750/t, gold price of US$2,500/oz and silver price of US$25/oz. Individual Mineral Resource
grades for the metals are set out at Appendix A of this announcement. Copper equivalent was
calculated based on the formula CuEq(%) = Cu(%) + (Au(g/t) x 0.82190) + (Ag(g/t) x 0.00822).
Metallurgical factors have been applied to the metal equivalent calculation. Copper recovery used
was 95%. Historical production at the Ming Mine has a documented copper recovery of ~96%.
Precious metal (gold and silver) metallurgical recovery was assumed at 85% on the basis of
historical recoveries achieved at the Ming Mine in addition to historical metallurgical test work to
increase precious metal recoveries.
In the opinion of the Company, all elements included in the metal equivalent calculations have a
reasonable potential to be sold and recovered based on current market conditions, metallurgical
test work, the Company’s operational experience and, where relevant. historical performance
achieved at the Green Bay project whilst in operation.
COMPETENT PERSON / QUALIFIED PERSON
All technical and scientific information in this announcement has been reviewed and approved by
Group Chief Geologist, Mr Juan Gutierrez BSc, Geology (Masters), Geostatistics (Postgraduate
Diploma), who is a Member and Chartered Professional of the Austral asian Institute of Mining and
Metallurgy and a Member of the Australian Institute of Geoscientists. Mr Gutierrez is a Competent
Person as defined in the JORC Code 2012 and a Qualified Person as defined in NI 43 -101.
FORWARD-LOOKING INFORMATION
This announcement may contain certain forward -looking statements and projections, including
the completion and expected closing of all or part of the Equity Raising . Forward -looking
statements may be identified by the use of words such as "may", "might", "could", "would", "will",
"expect", "intend", "believe", "forecast", "milestone", "objective", "predict", "plan", "scheduled",
"estimate", "anticipate", "continue", or other similar words and may include, without limitation,
statements regarding plans, strategies and objectives.
Although the forward-looking statements contained in this announcement reflect management's
current beliefs based upon information currently available to management and based upon what
management believes to be reasonable assumptions, such forward -looking statements and
projections are estimates only and should not be relied upon. They are not guarantees of future
performance and involve known and unknown risks, uncertainties and other factors many of which
are beyond the control of the Company, which may include changes in commodity prices, foreign
exchange fluctuations, economic, social and political conditions, and changes to applic able
regulation, and those risks outlined in the Company’s public disclosures.
The forward-looking statements and projections are inherently uncertain and may therefore differ
materially from results ultimately achieved. The performance of FireFly may be influenced by a
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number of factors which are outside of the control of the Company, its directors, officers,
employees and contractors. The Company does not make any representations and provides no
warranties concerning the accuracy of any forward -looking statements or pro jections, and
disclaims any obligation to update or revise any forward-looking statements or projections based
on new information, future events or circumstances or otherwise, except to the extent required by
applicable laws.
APPENDIX A
Green Bay Copper-Gold Project Mineral Resources
Ming Deposit Mineral Resource Estimate
TONNES COPPER GOLD SILVER CuEq
(Mt) Grade
(%)
Metal
(‘000 t)
Grade
(g/t)
Metal
(‘000 oz)
Grade
(g/t)
Metal
(‘000 oz)
Grade
(%)
Measured 4.7 1.7 80 0.3 40 2.3 340 1.9
Indicated 16.8 1.6 270 0.3 150 2.4 1,300 1.8
TOTAL M&I 21.5 1.6 340 0.3 190 2.4 1,600 1.8
Inferred 28.4 1.7 480 0.4 340 3.3 3,000 2.0
Little Deer Mineral Resource Estimate
TONNES COPPER GOLD SILVER CuEq
(Mt) Grade
(%)
Metal
(‘000 t)
Grade
(g/t)
Metal
(‘000 oz)
Grade
(g/t)
Metal
(‘000 oz)
Grade
(%)
Measured - - - - - - - -
Indicated 2.9 2.1 62 0.1 9 3.4 320 2.3
TOTAL M&I 2.9 2.1 62 0.1 9 3.4 320 2.3
Inferred 6.2 1.8 110 0.1 10 2.2 430 1.8
GREEN BAY TOTAL MINERAL RESOURCE ESTIMATE
TONNES COPPER GOLD SILVER CuEq
(Mt) Grade
(%)
Metal
(‘000 t)
Grade
(g/t)
Metal
(‘000 oz)
Grade
(g/t)
Metal
(‘000 oz)
Grade
(%)
Measured 4.7 1.7 80 0.3 45 2.3 340 1.9
Indicated 19.7 1.7 330 0.2 154 2.6 1,600 1.9
TOTAL M&I 24.4 1.7 400 0.3 199 2.5 2,000 1.9
Inferred 34.6 1.7 600 0.3 348 3.1 3,400 2.0
1. Mineral Resource Estimates for the Green Bay Copper -Gold Project, incorporating the Ming Deposit and Little
Deer Complex, are prepared and reported in accordance with the JORC Code 2012 and NI 43-101.
2. Mineral Resources have been reported at a 1.0% copper cut-off grade.
3. Metal equivalents for the Mineral Resource Estimate s have been calculated at a copper price of US$8,750/t,
gold price of US$2,500/oz and silver price of US$25/oz. Metallurgical recoveries have been set at 95% for copper
and 85% for both gold and silver. Copper equivalent was calculated based on the formula: CuEq(%) = Cu(%) +
(Au(g/t) x 0.82190) + (Ag(g/t) x 0.00822).
4. Totals may vary due to rounding.